[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) For the six months ended June 30, 2022, Molson Coors reported decreased net income and operating cash flow, driven by higher costs and expenses, with cash primarily used for debt repayment and capital expenditures [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) In Q2 2022, net sales slightly decreased while net income attributable to the company significantly dropped by 87.8% to $47.3 million, reflecting a broader decline in profitability for the six-month period despite net sales growth Consolidated Statements of Operations Highlights (in millions, except per share data) | Metric | Q2 2022 | Q2 2021 | % Change | H1 2022 | H1 2021 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Sales | $2,921.7 | $2,939.4 | (0.6)% | $5,136.3 | $4,837.8 | 6.2% | | Gross Profit | $820.0 | $1,271.5 | (35.5)% | $1,747.8 | $2,002.5 | (12.7)% | | Operating Income | $114.5 | $580.8 | (80.3)% | $338.9 | $758.0 | (55.3)% | | Net Income (attributable to MCBC) | $47.3 | $388.6 | (87.8)% | $198.8 | $472.7 | (57.9)% | | Diluted EPS | $0.22 | $1.79 | (87.7)% | $0.91 | $2.17 | (58.1)% | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2022, total assets slightly decreased to $27.39 billion, with cash and equivalents declining, while total debt was reduced and total equity remained stable Balance Sheet Summary (in millions) | Metric | June 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $442.1 | $637.4 | | Total current assets | $2,871.9 | $2,778.7 | | Total assets | $27,387.9 | $27,619.0 | | Total current liabilities | $3,514.3 | $3,622.2 | | Long-term debt | $6,557.8 | $6,647.2 | | Total liabilities | $13,785.1 | $13,954.9 | | Total equity | $13,602.8 | $13,664.1 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2022, net cash from operating activities decreased to $666.8 million, while cash used in investing and financing activities significantly increased due to higher capital expenditures and debt repayments Cash Flow Summary for Six Months Ended June 30 (in millions) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $666.8 | $748.5 | | Net cash used in investing activities | $(369.5) | $(200.1) | | Net cash used in financing activities | $(469.8) | $(3.9) | | Net decrease in cash and cash equivalents | $(172.5) | $544.5 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes provide details on accounting policies, segment performance, and financial instruments, highlighting dividends, share repurchases, an impairment loss, a significant litigation liability, and debt repayment - The company's reporting segments are **Americas** and **EMEA&APAC**[29](index=29&type=chunk) - A cash dividend of **$0.38 per share** was declared on May 19, 2022, and paid in June, with total dividends declared for H1 2022 at **$0.76 per share**[35](index=35&type=chunk) - A share repurchase program of up to **$200 million** was approved, under which the company repurchased **510,000 shares** for an aggregate value of **$26.2 million** in H1 2022[36](index=36&type=chunk) - In Q1 2022, an impairment loss of **$28.6 million** was recognized related to the Truss joint venture asset group within the Americas segment[60](index=60&type=chunk) - The company repaid its **$500 million** 3.5% USD notes upon maturity on May 1, 2022[79](index=79&type=chunk) - An accrued liability of **$56.0 million** was recorded as of June 30, 2022, reflecting the best estimate of probable loss from the Stone Brewing Company trademark infringement lawsuit[101](index=101&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the Q2 2022 performance to significant cost inflation, a labor strike, and the Russia-Ukraine conflict, leading to a substantial drop in gross profit and operating income despite some sales mix improvements, while liquidity remains adequate [Items Affecting Reported Results](index=28&type=section&id=Items%20Affecting%20Reported%20Results) Reported results were significantly impacted by persistent cost inflation, a labor strike at the Montreal brewery, the Russia-Ukraine conflict, and specific liabilities for litigation and joint venture impairment - The company continued to experience significant cost inflation in material, transportation, and energy, which is expected to continue for the remainder of **2022**[116](index=116&type=chunk) - A labor strike by approximately **400 unionized employees** at the Montreal/Longueuil, Québec brewery and distribution centers from late March to June 2022 adversely affected business and operations in **Q2 2022**[118](index=118&type=chunk) - A liability of **$56 million** was accrued in March 2022 related to potential losses from the ongoing Keystone litigation case[119](index=119&type=chunk) - The Russia-Ukraine conflict negatively impacted results, leading to the suspension of exports to Russia and termination of brand licenses, and drove further increases in material, transportation, and energy costs[122](index=122&type=chunk)[123](index=123&type=chunk) [Consolidated Results of Operations](index=30&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated net sales for Q2 2022 slightly decreased due to lower financial volume and unfavorable currency, while gross profit and operating income significantly declined due to increased cost of goods sold from commodity losses and inflation Drivers of Change in Net Sales (Q2 2022 vs Q2 2021) | Segment | Financial Volume | Price and Sales Mix | Currency | Total | | :--- | :--- | :--- | :--- | :--- | | Consolidated | (4.6)% | 6.8 % | (2.8)% | (0.6)% | | Americas | (8.1) % | 6.4 % | (0.6) % | (2.3) % | | EMEA&APAC | 6.2 % | 14.3 % | (13.3) % | 7.2 % | - Worldwide brand volume decreased **1.8%** in **Q2 2022**, while financial volume decreased **4.6%**, primarily due to cycling U.S. distributor inventory recovery and lower shipments in Canada from the brewery strike[136](index=136&type=chunk) - Cost of goods sold per hectoliter increased **35.7%** in **Q2 2022**, with changes to unrealized mark-to-market commodity positions accounting for approximately **66%** of the increase[140](index=140&type=chunk) - MG&A expenses increased **3.8%** in **Q2 2022** due to higher G&A expenses and increased marketing investment[141](index=141&type=chunk) [Segment Results of Operations](index=33&type=section&id=Segment%20Results%20of%20Operations) In Q2 2022, the Americas segment experienced declines in net sales and pre-tax income due to lower volume, while the EMEA&APAC segment saw net sales growth but a decrease in pre-tax income due to cost inflation and currency impacts Americas Segment Results (Q2 2022 vs Q2 2021) | Metric | Q2 2022 | Q2 2021 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $2,367.4M | $2,422.4M | (2.3)% | | Income before income taxes | $348.0M | $428.2M | (18.7)% | | Financial Volume (HL) | 16.536M | 17.986M | (8.1)% | EMEA&APAC Segment Results (Q2 2022 vs Q2 2021) | Metric | Q2 2022 | Q2 2021 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $558.2M | $520.5M | 7.2% | | Income before income taxes | $34.4M | $47.4M | (27.4)% | | Financial Volume (HL) | 6.207M | 5.844M | 6.2% | [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains adequate liquidity, with H1 2022 operating cash flow decreasing to $666.8 million, while cash was used for significant debt repayment and increased capital expenditures - Net cash from operating activities for **H1 2022** was **$666.8 million**, a decrease of **$81.7 million** from **H1 2021**, primarily due to lower net income[167](index=167&type=chunk) - Net cash used in financing activities for **H1 2022** increased to **$469.8 million**, mainly due to the repayment of **$500 million** 3.5% USD notes, higher dividend payments, and share repurchases[169](index=169&type=chunk) - As of **June 30, 2022**, the company had **$1.3 billion** available to draw on its **$1.5 billion** revolving credit facility[175](index=175&type=chunk) - Capital expenditures paid in **H1 2022** totaled **$388.7 million**, an increase of **$143.0 million** from **H1 2021**, due to the timing of capital projects[191](index=191&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no significant changes to its market risks, including interest rate, foreign exchange, and commodity price risks, with hypothetical adverse changes impacting fair values of debt and derivatives - There has been no significant change to the nature and type of the company's market risks since **year-end 2021**[196](index=196&type=chunk) Market Risk Sensitivity Analysis (as of June 30, 2022) | Risk Type | Notional Amount (millions) | Fair Value (millions) | Effect of Adverse Change (millions) | | :--- | :--- | :--- | :--- | | Interest Rate Risk (Fixed Rate Debt) | $6,515.5 | $(5,983.9) | $(240.4) (1% change) | | Foreign Exchange Risk (Debt & Forwards) | $1,793.0 | $(1,581.4) | $(164.4) (10% change) | | Commodity Price Risk (Swaps & Options) | $776.3 | $194.1 | $(75.5) (10% change) | [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes in internal control over financial reporting during Q2 2022 - The Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were effective as of **June 30, 2022**[203](index=203&type=chunk) - No changes in internal control over financial reporting occurred during **Q2 2022** that have materially affected, or are reasonably likely to materially affect, internal controls[204](index=204&type=chunk) [PART II. OTHER INFORMATION](index=42&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 12 for details on legal proceedings, including the significant $56 million accrued liability for the Stone Brewing trademark lawsuit - For information on legal proceedings, the report refers to **Note 12, "Commitments and Contingencies"** in the financial statements[206](index=206&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) The company highlights key risks including weakening economic conditions, geopolitical conflicts like the Russia-Ukraine war impacting costs, and the potential for labor strikes due to a unionized workforce - Weakening economic conditions, inflation, and reduced consumer spending could materially adversely affect business and financial results[208](index=208&type=chunk) - The Russia-Ukraine conflict has adversely affected the global economy, increasing costs for transportation, energy, and supplies, and could continue to have a material adverse effect on the business[210](index=210&type=chunk) - The company faces risks from labor strikes due to a high concentration of unionized workers, highlighted by the **Q2 2022** strike at the Montreal/Longueuil brewery and ongoing negotiations for other collective bargaining agreements in Québec[211](index=211&type=chunk)[213](index=213&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2022, the company repurchased 230,000 shares of Class B common stock for approximately $12.1 million under a publicly announced $200 million repurchase program Issuer Purchases of Equity Securities (Q2 2022) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2022 | 0 | N/A | | May 2022 | 230,000 | $52.59 | | June 2022 | 0 | N/A | | **Total** | **230,000** | **$52.59** | - The Board of Directors approved a share repurchase program for up to **$200 million** of Class B common stock, effective through **March 31, 2026**[214](index=214&type=chunk) [Defaults Upon Senior Securities](index=41&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[215](index=215&type=chunk) [Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[216](index=216&type=chunk) [Other Information](index=41&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - None[217](index=217&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO pursuant to the Sarbanes-Oxley Act and XBRL data files - Exhibits filed include **Section 302** and **906** certifications from the CEO and CFO, and XBRL interactive data files[218](index=218&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ . Commission File Number: 1-14829 Molson Coors Beverage Com ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ . Commission File Number: 1-14829 Securities registered pursuant ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ . Commission File Number: 1-14829 Molson Coors Beverage ...

Financial Performance - Net sales for Q2 2021 reached $2,939.4 million, a 17.4% increase from $2,503.4 million in Q2 2020[19] - Gross profit for the first half of 2021 was $2,002.5 million, up 19.8% from $1,670.6 million in the same period last year[19] - Net income attributable to Molson Coors Beverage Company for Q2 2021 was $388.6 million, compared to $195.0 million in Q2 2020, representing a 99.5% increase[19] - The company reported a comprehensive income of $395.9 million for Q2 2021, compared to $310.7 million in Q2 2020, reflecting a 27.4% increase[21] - Operating income for the first half of 2021 was $758.0 million, significantly higher than $365.5 million in the same period of 2020[19] - The net income including noncontrolling interests for the six months ended June 30, 2021, was $390.3 million, compared to $81.8 million for the same period in 2020, indicating a significant increase[32] Cash and Assets - Cash and cash equivalents increased to $1,308.9 million as of June 30, 2021, up from $770.1 million at the end of 2020[24] - Total assets grew to $28,519.9 million as of June 30, 2021, compared to $27,331.1 million at the end of 2020, marking a 4.4% increase[24] - As of June 30, 2021, total stockholders' equity for Molson Coors Beverage Company was $13,236.4 million, reflecting a slight decrease from $13,268.0 million as of June 30, 2020[32] Liabilities and Debt - The company’s total liabilities increased to $15,283.5 million as of June 30, 2021, compared to $14,709.8 million at the end of 2020[24] - Long-term debt as of June 30, 2021, totaled $8,210.5 million, a slight decrease from $8,214.3 million as of December 31, 2020[94] - The maximum leverage ratio as of June 30, 2021, was 4.75x net debt to EBITDA, with the company in compliance with all debt covenants[99] Segment Performance - North America segment net sales for Q2 2021 were $2,422.4 million, compared to $2,200.2 million in Q2 2020, reflecting a growth of 10.1%[60] - The Europe segment reported net sales of $520.5 million in Q2 2021, a significant increase from $307.1 million in Q2 2020, marking a 69.5% rise[60] - In North America, income before income taxes increased by 4.1% to $428.2 million in Q2 2021, compared to $411.5 million in the prior year, driven by net pricing increases and cost savings[151] - In Europe, income before income taxes rose to $47.4 million in Q2 2021, compared to a loss of $11.0 million in the prior year, primarily due to higher financial volumes from the re-opening of the on-premise channel[151] Operational Challenges - The company incurred one-time costs of $2.7 million related to a cybersecurity incident during the first half of 2021[40] - The company continues to monitor the impacts of the coronavirus pandemic on operations and customer liquidity, which may affect future financial performance[41] - The company experienced a systems outage due to a cybersecurity incident in March 2021, causing delays and disruptions to operations[165] Shareholder Returns - The company declared dividends of $0.57 per share, totaling $123.8 million for the six months ended June 30, 2020[32] - The company suspended regular quarterly dividends from Q2 2020 to Q2 2021, with dividends reinstated in Q3 2021[47] Cost and Expenses - Marketing, general and administrative expenses rose by 26.5% to $537.8 million in Q2 2021, reflecting increased investment in innovation brands[164] - Cost of goods sold per hectoliter in local currency increased by 7.2% and 7.1% for the three and six months ended June 30, 2021, respectively, primarily due to cost inflation and higher transportation costs[177] Taxation - The effective tax rate decreased to 25% for the three months ended June 30, 2021, down from 51% in the same period of 2020, primarily due to a decrease in net discrete tax expense[75] - The company recognized $38.5 million of net discrete tax expense through the second quarter of 2021, significantly lower than the $121.7 million recognized in the same period of 2020[75] Future Outlook - The company continues to monitor the impacts of the coronavirus pandemic on its indefinite-lived intangible assets, particularly the Staropramen brand, which is considered at risk of future impairment[88][89] - The company expects to incur additional restructuring-related charges or adjustments in the future, although the amounts cannot be estimated at this time[72]

Financial Performance - Net sales for the three months ended March 31, 2021, were $1,898.4 million, a decrease of 13.7% compared to $2,102.8 million for the same period in 2020[20]. - Gross profit increased to $731.0 million, up 17.3% from $623.8 million year-over-year[20]. - Operating income for the first quarter of 2021 was $177.2 million, compared to an operating loss of $92.5 million in the same quarter of 2020[20]. - Net income attributable to Molson Coors Beverage Company was $84.1 million, a significant improvement from a net loss of $117.0 million in Q1 2020[20]. - Comprehensive income for the three months ended March 31, 2021, was $206.5 million, compared to a comprehensive loss of $616.1 million in the prior year[21]. - Consolidated net sales for Q1 2021 were $1,898.4 million, a decrease of 9.67% from $2,102.8 million in Q1 2020[52]. - Consolidated income before income taxes for Q1 2021 was $126.3 million, compared to a loss of $158.7 million in Q1 2020, marking a significant turnaround[52]. - The North America segment saw income before income taxes increase by 89.2% to $144.2 million in Q1 2021, compared to $76.2 million in the prior year[135]. - The Europe segment reported a loss before income taxes of $89.4 million in Q1 2021, an increase from a loss of $76.8 million in the prior year, primarily due to lower financial volumes from on-premise closures[136]. Cash Flow and Liquidity - Cash and cash equivalents decreased to $532.7 million from $770.1 million at the end of 2020, reflecting a net decrease of $230.5 million during the quarter[26]. - The company reported a net cash used in operating activities of $190.9 million for the first quarter of 2021, compared to $18.1 million used in the same period of 2020[26]. - The company did not pay dividends in the first quarter of 2021, a significant change from $123.4 million paid in Q1 2020[26]. - As of March 31, 2021, the company had a net positive cash position of $36.1 million, down from $92.7 million as of December 31, 2020[84]. - The company maintains a $1.5 billion revolving credit facility, with no borrowings drawn as of March 31, 2021[86]. - The maximum leverage ratio as of March 31, 2021, was 5.25x net debt to EBITDA, with planned reductions in subsequent quarters[194]. Assets and Liabilities - Total assets as of March 31, 2021, were $27,163.6 million, slightly down from $27,331.1 million at the end of 2020[24]. - Total liabilities decreased to $14,329.6 million from $14,709.8 million at the end of the previous year[24]. - As of March 31, 2021, total stockholders' equity was $12,834.0 million, a decrease from $12,946.0 million as of December 31, 2020, reflecting a decline of approximately 0.9%[28]. - As of March 31, 2021, total long-term debt amounted to $7,181.2 million, a slight decrease from $7,208.2 million as of December 31, 2020[82]. - The fair value of the company's outstanding long-term debt was approximately $8.6 billion as of March 31, 2021, a decrease from $9.1 billion as of December 31, 2020[85]. Operational Challenges - The company incurred incremental one-time costs of $2.0 million related to a cybersecurity incident in the first quarter of 2021, impacting production and shipments[34]. - The coronavirus pandemic is expected to continue having a material impact on the company's financial results in 2021 and possibly beyond[35]. - The company continues to monitor the impacts of the coronavirus pandemic on its business and the potential implications for its financial results[81]. - The company experienced a systems outage in March 2021 due to a cybersecurity incident, causing delays in production and shipments[147]. Segment Performance - North America segment net sales decreased to $1,692.0 million in Q1 2021 from $1,789.7 million in Q1 2020, a decline of 5.44%[52]. - Europe segment net sales fell to $206.9 million in Q1 2021 from $317.6 million in Q1 2020, a decrease of 34.83%[52]. - Brand volume in North America decreased by 6.7% and financial volume declined by 9.4% for the three months ended March 31, 2021, attributed to on-premise restrictions and operational disruptions[156]. - Europe brand volume decreased by 17.0% and financial volume declined by 22.0% for the three months ended March 31, 2021, primarily due to on-premise restrictions[167]. Future Outlook - The company anticipates 2021 to be a year of top-line growth and investment despite challenges from the Texas winter storm and cybersecurity incidents[213]. - The revitalization plan initiated in October 2019 aims to drive long-term sustainable success, with charges related to restructuring activities expected to continue through fiscal year 2021[41]. - The company plans to expand the Yuengling brand into Texas in the fall of 2021 as part of a new joint venture[218].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ . Commission File Number: 1-14829 Molson Coors Beverage Company ...